Oregon Public Employees Retirement Fund increased its holdings in Raytheon Technologies Co. (NYSE:RTX) by 184.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 351,319 shares of the company’s stock after purchasing an additional 227,600 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Raytheon Technologies were worth $25,123,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. JJJ Advisors Inc. lifted its position in Raytheon Technologies by 52.5% during the 4th quarter. JJJ Advisors Inc. now owns 453 shares of the company’s stock worth $32,000 after acquiring an additional 156 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Raytheon Technologies during the 3rd quarter worth $29,000. Canton Hathaway LLC bought a new stake in shares of Raytheon Technologies in the fourth quarter valued at about $36,000. University of Texas Texas AM Investment Managment Co. bought a new position in Raytheon Technologies during the fourth quarter valued at about $43,000. Finally, Simon Quick Advisors LLC raised its holdings in Raytheon Technologies by 664.7% in the 4th quarter. Simon Quick Advisors LLC now owns 650 shares of the company’s stock valued at $46,000 after acquiring an additional 565 shares in the last quarter. Hedge funds and other institutional investors own 75.09% of the company’s stock.
Several equities research analysts have recently commented on the stock. Credit Suisse Group reduced their target price on shares of Raytheon Technologies from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. JPMorgan Chase & Co. upped their price target on Raytheon Technologies from $79.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 15th. Zacks Investment Research raised Raytheon Technologies from a “sell” rating to a “hold” rating and set a $72.00 price target for the company in a report on Friday, January 29th. Finally, DZ Bank upgraded Raytheon Technologies from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a research report on Thursday, December 17th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Raytheon Technologies presently has a consensus rating of “Buy” and a consensus target price of $77.22.
Raytheon Technologies (NYSE:RTX) last issued its earnings results on Monday, January 25th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Raytheon Technologies had a positive return on equity of 8.35% and a negative net margin of 3.77%. The firm had revenue of $16.42 billion for the quarter, compared to analysts’ expectations of $16.07 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. As a group, equities research analysts predict that Raytheon Technologies Co. will post 3.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 25th. Shareholders of record on Friday, February 26th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 2.59%. The ex-dividend date is Thursday, February 25th. Raytheon Technologies’s dividend payout ratio is currently 23.00%.
Raytheon Technologies declared that its board has authorized a share buyback program on Monday, December 7th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
About Raytheon Technologies
Raytheon Technologies Corporation, an aerospace and defense company, provides advanced systems and services for commercial, military, and government customers worldwide. It operates in four businesses: Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
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